Day after, DHFL says Care has reaffirmed credit ratings

A day after its shares tumbled up to 42 per cent, Dewan Housing Finance Corporation (DHFL) on Saturday said Care Ratings has reaffirmed credit ratings on its various instruments, including NCDs and long-term bank facilities.

The scrip of DHFL on Friday went into a tailspin, nosediving 42.43 per cent to end at ~351.55 on the BSE. Intra-day, it tanked 59.67 per cent to ~246.25 — its 52-week low. DHFL’s market valuation tumbled ~81.20 billion to ~110.31 billion on BSE.

“...we wish to inform you that CARE Ratings Limited (CARE), vide its letters dated September 22, 2018, has reaffirmed its credit ratings” on its instruments/facilities, DHFL said in a stock exchange filing. In a statement on Friday, DHFL CMD Kapil Wadhawan had said the market movement has come as a big surprise to not only the company but also to the industry at large.

“We wish to categorically state that DHFL has not defaulted on any bonds or repayment nor has there been any single instance of delay on any of its repayment of any liability. We do not have any exposure with IL&FS,” he said.

He said the company’s fundamentals are strong. Wadhawan further said the promoters of DHFL have neither pledged any of their shares nor have availed of loan against the company’s shares.

In another filing, the company said ICRA has re-affirmed its credit ratings for its commercial paper of ~150 billion.